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EUR/JPY Technical Analysis: Digesting Losses at 2-Year Low

EUR/JPY Technical Analysis: Digesting Losses at 2-Year Low

2015-03-12 22:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • EUR/JPY Technical Strategy: Short at 135.25
  • Support: 126.86, 124.54, 121.67
  • Resistance:133.13, 132.04, 133.81

The Euro turned lower against the Japanese Yen as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is at 126.86, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at 124.54. Alternatively, a reversal above the 129.17-130.13 area (38.2% Fibonacci expansion, January 26 low) clears the way for a challenge of the 23.6% expansionat 132.04.

We entered short EURJPY at 135.25 and subsequently booked profits on half of the position. The rest of the trade remains open to capture any further downside. The stop-loss has been adjusted to the breakeven level (135.25).

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Digesting Losses at 2-Year Low

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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